WYNN RESORTS, LIMITED (NASDAQ:WYNN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As reported by Wynn Resorts, Limited (the “Company”) in its Current Report on Form 8-K dated February6, 2018, Stephen A. Wynn resigned as Chairman of the Board and Chief Executive Officer of the Company on February6, 2018.
On February15, 2018, the Company entered into a separation agreement among the Company, Mr.Wynn, and Wynn Resorts Holdings, LLC (the “Separation Agreement”) specifying the terms of Mr.Wynn’s termination of service with the Company.
The Separation Agreement terminates Mr.Wynn’s previous employment agreement with the Company and confirms that Mr.Wynn is not entitled to any severance payment or other compensation from the Company under the employment agreement.
Under the Separation Agreement, Mr.Wynn agrees not to compete against the Company for a period of two years and to provide reasonable cooperation and assistance to the Company in connection with any private litigation or arbitration and to the Board of Directors of the Company or any committee of the Board in connection with any investigation by the Company related to his service with the Company. In order to effectuate a smooth transition of Mr.Wynn’s separation from the Company, and in consideration of the foregoing and other agreements described therein, the Separation Agreement provides that (i)Mr.Wynn’s lease of his personal residence at Wynn Las Vegas will terminate no later than June1, 2018 and until such date Mr.Wynn shall continue to pay rent at the fair market value previously established by the Company based on an independent third-party expert opinion (as disclosed in the Company’s 2017 proxy statement), unless Mr.Wynn elects to terminate the lease before such date, (ii)Mr.Wynn’s current healthcare coverage will terminate on December31, 2018, and (iii)administrative support for Mr.Wynn will terminate on May31, 2018. Additionally, in order to conduct any sales of Company shares in an orderly fashion in the event that Mr.Wynn is permitted to and elects to sell any shares that he owns, the Company has agreed to enter into a registration rights agreement with Mr.Wynn, with Mr.Wynn to reimburse the Company for its reasonable expenses. to such registration rights agreement, Mr.Wynn may not sell during any quarter after the date of such agreement more than one-third of the Company shares he holds as of the date of such agreement.
The foregoing summary of the Separation Agreement is qualified by reference to the Separation Agreement, which is filed herewith as Exhibit 10.1.
| Item 5.02 | Financial Statements and Exhibits. |
(d) Exhibits.
WYNN RESORTS LTD ExhibitEX-10.1 2 d535665dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT This Separation Agreement (the “Agreement”) dated as of February 15,…To view the full exhibit click here
About WYNN RESORTS, LIMITED (NASDAQ:WYNN)
Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company operates through two segments: Macau Operations and Las Vegas Operations. In Macau, it owns interest in Wynn Macau, Limited and operates Wynn Macau and Encore at Wynn Macau. Its integrated Macau resort of Wynn Macau and Encore at Wynn Macau features approximately 284,000 square feet of casino space with over 460 table games and over 710 slot machines. In Las Vegas, Nevada, it owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas. Its integrated Las Vegas resort of Wynn Las Vegas and Encore at Wynn Las Vegas features approximately 186,000 square feet of casino space with over 230 table games and approximately 1,870 slot machines. In addition, the Company is developing an integrated casino resort in Everett, Massachusetts.
